New Zealand’s house sales recorded the highest since 2007 in March

By IBT Staff Reporter On 04/16/12 AT 12:34 AM

New Zealand's March result of house sales recorded the highest since November 2007, reflecting the recovery of the real estate sector that will boost consumer confidence and spending during the upcoming period.

The Real Estate Institute of New Zealand announced that sales rose by 25.3% from a year earlier to be 7,330 in March from 6,168 a month earlier.

Moreover, the current improvements in real estate sector shall boost domestic demand where it is expected to notice a higher confidence and spending during the upcoming period in the nation's markets, which will also support the central bank's governor Allan Bollard to keep the interest rate unchanged at low record of 2.5% according to his sign last month.